Business operations are sizzling over at Samsung, the South Korean handset maker that just announced a consolidated net profit of 7.15 trillion won, or about $6.39 billion, for its first fiscal quarter of 2013. That's up more than 40 percent from the same quarter a year ago and also marks six quarters of consecutive profit growth.

Not all of Samsung's figures moved in a positive direction, however, as revenues declined 6 percent sequentially to 52.87 trillion won. Consolidated operating profit also dipped slightly, moving backwards 1 percent to 8.78 trillion won. Still, with profits soaring, Samsung with take it, albeit with a pinch of caution.

"Although market uncertainties from the European crisis and the slow global economic recovery are still lingering, we expect to increase R&D spending for strengthening our competitiveness ahead of planned new product launches," said Robert Yi, Senior Vice President and Head of Investor Relations. "We may experience stiffer competition in the mobile business due to expansion of the mid- to low-end smartphone market while TV growth will continue to wane in developed markets."

Samsung warned that cheaper smartphones will challenge all market players, itself included, and it expects its own smartphone sales to stay flat in the second quarter before picking up again in the second half of the year. It's an interesting outlook considering the highly touted Galaxy S4 launches tomorrow.